The Inclusive Economy
CFED Awarded $350,000 to Support Small Business Owners
By Jimmy Crowell on 05/25/2012 @ 10:00 AM
On May 23rd, Greg Cathey, Vice President and Regional General Manager of Sam’s Club in the Northeast, and Sam’s Club regional representative Bill Witt, visited the CFED national offices to present a grant award to support our small business development strategy, the Self-Employment Tax Initiative (SETI). The award, totaling $349,545, will enable CFED to continue advancing SETI, which takes advantage of the tax code to help low-income, self-employed individuals formalize and grow their businesses, create jobs and access tax-based asset-building opportunities.
Specifically, this grant will enable us to intervene during tax time and connect small business owners who are filing taxes with microenterprise organizations and other business development services. Throughout the 2012 and 2013 tax seasons, we will continue working with partners like Brooklyn Cooperative Federal Credit Union and Mission Economic Development Agency to provide support, catalogue best practices, share them with the field and catalyze improvements in small business tax service provision. We’ll also explore ways to leverage behavioral insights to improve practice techniques and tools at tax assistance programs and microenterprise development organizations. Finally, this grant will help CFED stage a media campaign that highlights the importance of entrepreneurship and microbusiness as engines of economic development and job creation.
Sam's Club has a strong history of charitable giving, with more than $101.3 million in cash and in-kind contributions made in 2011. The Sam’s Club Giving Program, which focuses on preventative health and wellness and small business support, pledged more than $2 million this year to help micro lenders and others to grow small businesses in the U.S.. As part of the program, leading nonprofits were awarded grants to continue their work. The organizations include ACCIÓN in the US, CFED, Count Me In For Women’s Economic Independence and the National Association for Latino Community Asset Builders.
Sam's Club President and CEO Rosalind Brewer reaffirmed the company's commitment to supporting American small business. At the Dream Big Small Business of the Year awards luncheon, part of the annual U.S. Chamber of Commerce Small Business Summit, Brewer spoke to over 800 small business owners in the country.
"At Sam's Club our small business owners are our partners, and we want to put our money where our mission is – which is to be agents for and support our members and the small business community," Brewer said. "I realize that I have an incredible opportunity to lead Sam's Club and to be an advocate for our small business owners in America. You are the heart and soul of our economy, and no one takes more risks and works harder every single day than those of you who are out there following your dreams and running your own businesses."
Cathey echoed Brewer’s words at the CFED offices and voiced his excitement for our partnership. He reminded us that Walmart founder Sam Walton created Sam’s Club to “be in business for small business” and to help small business get access to products and services at prices traditionally only available to big business.” Sam's Club has more than 600 clubs across the US and serves around 600,000 Business Members daily. In addition to stocking products for work or home, Sam's Club also offers Business Members access to microloans and health plans through third-party providers.